“What we obtain too cheap, we esteem too lightly: it is dearness only that gives every thing its value.” Instead of giving it away make the students earn it. Make it zero tuition for those with A averages, 20% for B average, 50% for C average, etc. Use the high school GPA for incoming freshmen, and calculate it semester by semester after that.
I read you, but you know and I know that the grading system will then be bastardized so everybody gets A's, with a smiley face.